Cadence Capital Management LLC trimmed its position in shares of Boeing (NYSE:BA) by 0.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,518 shares of the aircraft producer’s stock after selling 403 shares during the period. Boeing comprises 1.0% of Cadence Capital Management LLC’s portfolio, making the stock its 7th largest position. Cadence Capital Management LLC’s holdings in Boeing were worth $15,783,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the company. Jennison Associates LLC raised its stake in shares of Boeing by 20.3% during the third quarter. Jennison Associates LLC now owns 6,873,128 shares of the aircraft producer’s stock valued at $1,747,218,000 after acquiring an additional 1,160,859 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Boeing by 7,215.0% during the second quarter. Janus Henderson Group PLC now owns 4,919,937 shares of the aircraft producer’s stock valued at $972,919,000 after acquiring an additional 4,852,679 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Boeing by 13.3% during the third quarter. Ameriprise Financial Inc. now owns 3,424,281 shares of the aircraft producer’s stock valued at $870,618,000 after acquiring an additional 402,240 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Boeing by 3.9% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 3,275,519 shares of the aircraft producer’s stock valued at $965,756,000 after acquiring an additional 122,278 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Boeing by 15.5% during the third quarter. American Century Companies Inc. now owns 3,106,855 shares of the aircraft producer’s stock valued at $789,794,000 after acquiring an additional 417,793 shares during the last quarter. 70.76% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO Gregory D. Smith sold 36,079 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $337.43, for a total transaction of $12,174,136.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.24% of the company’s stock.
Boeing (NYSE:BA) last announced its quarterly earnings data on Wednesday, January 31st. The aircraft producer reported $4.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.91 by $1.89. Boeing had a net margin of 8.78% and a negative return on equity of 11,050.62%. The business had revenue of $25.37 billion for the quarter, compared to analysts’ expectations of $24.78 billion. During the same quarter in the prior year, the company earned $2.47 earnings per share. The business’s revenue was up 8.9% compared to the same quarter last year. equities analysts predict that Boeing will post 14.05 earnings per share for the current year.
Boeing announced that its board has approved a share buyback plan on Monday, December 11th that permits the company to buyback $18.00 billion in outstanding shares. This buyback authorization permits the aircraft producer to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
A number of equities analysts recently issued reports on BA shares. Morgan Stanley set a $373.00 price target on shares of Boeing and gave the stock a “hold” rating in a research note on Thursday, March 22nd. Buckingham Research set a $289.00 price target on shares of Boeing and gave the stock a “hold” rating in a research note on Thursday, February 8th. Zacks Investment Research raised shares of Boeing from a “hold” rating to a “buy” rating and set a $330.00 price target for the company in a research note on Tuesday, January 2nd. Canaccord Genuity reissued a “hold” rating and issued a $345.00 price target (up from $290.00) on shares of Boeing in a research note on Thursday, February 1st. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $358.00 price target (down from $378.00) on shares of Boeing in a research note on Friday. Ten research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $365.19.
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The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sales, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services worldwide. The company operates in four segments: Commercial Airplanes; Defense, Space & Security; Global Services; and Boeing Capital.
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